Businesses are able to access government support to keep operating.
Coronavirus Business Interruption Loan Scheme
The Coronavirus Business Interruption Loan Scheme will provide government-backed loans of up to £5 million to small and medium businesses.
Bank of England measures
Two schemes involving the Bank of England:
- The measures announced on 11 March included a term funding scheme delivered via the banks (with additional incentives to support SMEs): Bank of England measures to Covid-19 . Ask your bank about support.
- Another scheme for larger firms via the Bank of England is the Covid Corporate Financing Facility (CCFF).
- the Bank has published a dedicated webpage for businesses seeking to use the CCFF.
- To access the CCFF firms do not have to have previously issued commercial paper or currently have a credit rating, but they do need to be investment grade firms as of 1 March – please take a look at what steps can be taken in order to participate.
On 19 May the Government extended the maximum loan size available through the Coronavirus Large Business Interruption Loan Scheme from £50 million to £200 million.
Government loans for small businesses
Small businesses can benefit from a new fast-track finance scheme providing loans with a 100% government-backed guarantee for lenders.